December 15, 2024 02:10 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Pushpa 2 stampede: Allu Arjun walks out of jail, actor's lawyer slams delay in release | Donald Trump intends to end 'inconvenient' and 'very costly' Daylight Saving Time | Suchir Balaji: Indian-origin former OpenAI researcher found dead at US apartment | Bengaluru techie suicide: Karnataka Police issues summons to wife Nikita, her family members | French President Macron appoints centrist leader Francois Bayrou as new Prime Minister | Congress always prioritised personal interest over Constitution: Rajnath Singh | Jaishankar calls attack on Hindus in Bangladesh 'a source of concern' | Allu Arjun arrested over woman's death in stampede during Pushpa 2 premiere show | RBI receives bomb threat in Russian language, case filed | UP teenager kills mother, lives with body for 5 days

Budget promotes affordable housing: NAREDCO

| | Mar 01, 2016, at 04:18 am
#Union Budget # Budget 2016-17 # Arun Jaitley # Finance # Power2SME # Budget # NAREDCO
New Delhi, Feb 29 (IBNS): National Real Estate Development Council (NAREDCO) welcomed the Budget as growth-oriented which will provide impetus to agriculture, infrastructure and rural sector development.
Praveen Jain, President, NAREDCO said "the Budget also provides  incentive to affordable housing by allowing 100% deduction for profits to an undertaking from a housing project for flats upto 30 sq mtr in four metro cities and 60 sq mtr in other cities, approved during June 2016 to March 2019 and is completed within three years of approval, allowing Rs. 50,000/- additional deduction of interest on home loan for loans upto Rs. 35 lakh sanctioned during next fiscal year."
 
"Another proposal to stimulate housing activity in the budget is to facilitate investment in Real Estate Investment Trust (REIT) by disallowing DDT."

 "Deductions provided on profit from Construction of affordable houses upto 60 sq mtr carpet area and home loan interest for first time home buyers would boost depressed housing sector, said Shri Parveen Jain, President, NAREDCO, adding that scrapping of Dividend Distribution Tax (DDT) on income distributed to Real Estate Investment Trusts (REITs) and INVITs make investments attractive for investors. Popular investment tool the world over, REITs works similar to mutual funds where individuals and institutions pool in money to invest in leased office or retail assets," said he.


Union Finance Minister Arun Jaitley on Monday presented the Union Budget 2016 focusing on rural development and farm and social sector along with infrastructure with analysts terming it a pro-poor, pro-agriculture move that throws a challenge to the government to implement in reality.
 

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Images
Veedol signs former Indian skipper Sourav Ganguly as brand ambassador
Veedol signs former Indian skipper Sourav Ganguly as brand ambassador Jun 29, 2024, at 06:38 am
In Images: Glimpses from Bengali film Fatafati's premiere
In Images: Glimpses from Bengali film Fatafati's premiere May 13, 2023, at 08:39 pm
Gautam Adani meets Bangladesh PM Sheikh Hasina
Gautam Adani meets Bangladesh PM Sheikh Hasina Sep 06, 2022, at 06:46 am